As regards how VSTEP could get this into the game, I think it'd be very difficult. Firstly, it's swallow processing power. Secondly, there's no real point to it if we're honest, other than eye-candy (I hate that phrase, but it fit well there!). Thirdly, there's no (or very little) bump-mapping in the game at all, so to program that into the current engine, well I'd rather not imagine how unstable that'd be! I'd rather VSTEP concentrate on something else to be honest (bug fixing etc).
Just randomly, I've listed some games with water that reacts very well (not perfectly, but really convincing), below.
Halo 3, Gears of War 2, Kameo, GTA4 (although there's no foam-effect), Half-Life 2.
GTA4 is the only one with boats, and the way the water reacts isn't realistic, it's more artistic-license.
In my opinion, life-like looking, realistically-reacting wakes will be something that makes your jaw drop in 5 years time. As for the present, it'd require you to spend an obscene amount of money on a monstrously powerful PC.